Internet aur technology ki sari jankari hindi me

What is GST (Goods and Services Tax) in full details.

What is GST ? I think at that time all of you know what is GST.Goods and Services(GST).In GST all the tax are include are in thier like(Tax , VAT etc).The indian government decided to india now realse the different types of taxes. So he decided to go take a decision in india all the cities are paid only one tax like GST.He gives only one tax.Now full explanation of GST(Goods and Servicea Tax).
Today know about on thats topics:-
•GST
•History of GST
•Launch
•Taxation scheme
•Rates
•Goods & Services Taxes Networks(GSTN)

What is Goods and Services Tax (GST) ?

Goods and Services Tax (GST) in an indricer tax which was introduced in Imdia on 1 july 2017 and was applicable throughout India which replaced multiple casadong taxes levied by the central & state government. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017.Following the passage of constitution 122nd Amendment bill.The GST is government by a GST Council and its Chairman is the Fianance Minister Of India.Under GST .Goods and Services are taxed at the following rates,0.5% , 12% , 18% , and 28%.There is a special rate ,0.25% on rough precious and semi- pricious stone and 3% on gold. In addition a cess of 15% or other rates on top of28% GST applies on few times like aerated drinks , luxury cars and tabacoo prouducts.GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2trillion dollar economy. The rate of GST in India is between double to four times that levied in other countries like Singapore.

           Bill 2014(One hundred and twenty)
                               formed

                              Lok Sabha

          Constitution of India Amendment Bill

Enachted by             Rajay Sabha

Date passed.            03 August 2016

Date commenced.  1 July 2017

                Legislative history

Bill                             Bill 2014(one hundred and                                                     twenty) formed

Bill citation.            Bill No.192 of 2014


Bill published on   19 December 2014

Introduced by.         Arun Jaitley

History

The Reform process of Indians indirect tax regime was started in 1986 by Vishwanath Pratap Singh with the introduction of the modify Value Added Tax (MODVAT). A single common 'Goods and Services Tax'(GST) was proposed and given a go ahead in 1999 during a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisor panel which include 3 former RBI Governor IG Patel , Bimal Jalan and C Rangarajan Vajpayee set up a committee headed by the then finance minister of West Bengal, Asim Dasgupta to design a GST model.

The Ravi Dasgupta communities was also tasked with putting in a place the backend Technology and Logistic (later came to be known as the GST Network, or GSTN, in 2017) for rolling out a uniform taxation regime in the country. In 2013 the Vajpayee government fromed the task force under Vijay Kelkar to recommend tax reforms.In 2005, the Kelkar committee recommended rolling out GST as suggest by 12th finance commission.
After the fall of the BJP-led NDA government in 2004, and election of a Congress-led UPA government, the new finance Minister P Chidambaram in February 2006 continued work on the same and the proposed a GST rollout by 1st April 2010.However in 2010 with the Trunamool.
Congress routing CPI(M) out of power in West Bengal , Ashim Dasgupta resigned as the head of the GST committee Dasgupta admitted in an interview that 80% of the task has been done.
In 2014, the NDA government was Re-elected into power, this time under the leadership of Narendra Modi. With the consequential dissolution of the 15th Lok Sabha, the GST bill-approved by the standing committee for reintroduction- lapsed. 7 month after the formation of the Modi government, the new finance minister Arun Jaitley introduce the GST bill in the Lok Sabha, where the BJP has a majority. In February 2015, Jaitley set another deadline of 1st April 2016 to implement GST. In may 2016, The Lok Sabha passed the constitution Amendment Bill, paving way for GST. However, the Opposition,led by the Congress demanded that the GST will be against sent back to the section committee of the Rajya Sabha due to disagreements on serval statements in the Bill rating to taxation. Finally in August 2016, the Amendment Bill was passed. Over the next 15 to 20 days, 18 States ratified the GST bill and the President Pranab Mukherjee gave him assent to it.
A 21-member selection committee was formed to look into the proposed GST laws. State and union territory GST laws work passed by all the state and union territory of India except Jammu and Kashmir,paving the way for smooth rollout of the tax from 1st July 2017. There was to be no GST on the sale and purchase of securities. That continues to be governed by Security Transaction Tax(STT).

What is Share Market in full details.

Launch

The good and services tax was launched at midnight on 30 June 2017 by the Prime Minister of India, Narendra Modi. The launch was marked by a historic midnight(30 June-1st July) session of both the houses of Parliament Convent at the Central Hall of the Parliament. Through the session attend by High-profile guests from the business and the entertainment industry including Ratan Tata, it was boycotted by the opposition due to the predicted problem that it was bound to lead to for the middle and lower classes Indians. It is one of the few midnight sessions that have been held by the parliament-the others seeing the declaration of Indian independence on 15 August 1947, and the silver and golden jubilee of the occasion.
Members of the Congress why boycotted GST launch altogether. They were joined by the member of the Trinamool Congress, communities parties of India and the DMK. This party reported that they found Virtually no difference between the GST and the exiting taxation system, claiming that the government was trying to early rebrand the current taxation system. They also argued that the GST would increase exiting rates on the common daily goods while reducing tax on luxury items, and affect many Indian adversely, specially the middle, lower middle and poorer class.

Taxation scheme

Taxes subsumed

The single GST replaceable form taxes and levies which included: central excise duty, service tax, additional customs duty, state level value added tax , Octori and Subcharges. Other levies which where applicable on inter-State Transportation of good have also been done away with in GST regime. GST is levied on all transactions such as sale, transfer, purchase, barter, lease, I import of good and/or services. India adopted a dual GST model, meaning that taxation is administrated by both the Union and State governments. Transaction made within a single state are livid with Central GST (CGST) why the central government and state GST (SGST(why the Government of that state. For inter-estate transactions and import good and services, an integrated GST (IGST) is levied by Central Government GST is a consumption-based tax, therefore, complicates tax collection for state government by disabling them from collecting the tax owed to them directly from the central government. Under the previous system, hi state would only have to deal with a single government in order to collect tax revenue.

Rates

The GST is imposed at different rate on different items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie ticket is based on slabs, with 18%GST for ticket that cost less than Rs.100 and 28% GST on ticket costing more than Rs.100. The rate on under construction property booking is 12%. Some industries and products were accepted by the government and remain and text under GST, such as dairy products, products of milling industries, fresh vegetables and fruits, meat product, and other groceries and necessities.
The introduction of the GST increased the cost of most consumer good and services in India including food, Hotel charges, insurance and cinema tickets. Upon its introduction in the country, GST led tour number of protests why the business community, primarily due to an increase in overall taxes and hence the prices of goods.
Checkposts across the country were abolished ensuring free and fast movement of goods.
The central government had proposed to include the revenues of the state from the impact of GST, with the exception that in due course, GST will be levied on petroleum and petroleum products. The central government had assured state of compensation for any revenue loss in crude why the form the date of GST for a period of 5 years. However, no contract laws have had been made to support such action.

Goods and Services Tax Network (GSTN)

As per the government website on GST,"goods and services tax goods and services tax" Netwirk(GSTN) is a non-profit organisation proposed to be form for creating a website /platform for all the concerned parties related to the GST, namely stakeholder, Government and taxpayers to collaborate on a single portal. When up and running, the portal is supposed to be accessible to the central government which allows it to track down every transaction on its and wild taxpayers are advertised to have the ability of connecting this to their tax returns. However its efficacy and efficiency is yet to be tested. The it network was started to be developed by unnamed private firms. The no authorised capital of GSTN is ₹10 crore (US$1.6 million) which Central Government holds 24.5% of shares while the State Government for smooth running of the transactions.
Thank you for reading this post
Like and share this post to your friends neighbours and relatives in WhatsApp Facebook Instagram and other social media.....

Hello Dosto, Mera naam Shailendra kumar hai. Mujhe logo ki Help karna pasand hai. ye site maine bai hai jaha par mai logo ki help karta hu hindi me. is site par aapko internet, blogger, youtube, seo, adsense, tips and tricks se releted jankari milegi.

0 comments:

Post a Comment

Popular Posts

COPY CODE SNIPPET